Words and Terms
Refers to a product/item that might be valuable to one person, might NOT be valuable to someone else.
Paradox of value
An economy where people make all decisions in society.
market
These are items that are based on a NEED
WANTS
any economic decision is called a
trade off
an economy where the government makes all decisions
command
Name 2 countries/former countries who used a COMMAND ECONOMY as their economic system
Cuba
Soviet Union
North Korea
the result or best alternative of a trade off
opportunity costs
an economy based on rituals and historical customs
traditional
What are the 3 questions in order to produce
what to produce, how to produce, and for whom
Situation that arises from limited resources and unlimited wants
scarcity
this economy is where government and private corporations work together
mixed or mixed market
The output of production is generally divided into 2 categories and what to purchase for consumers
GOODS AND SERVICES
4 factors of production and what each one means
land- natural resources
labor- people's skills and abilities
capital- factories and machines
entrepreneurship - risk taking
Who said in the movie Wall Street..."Greed, for lack of a better term... is Good."
Gordon Gecko
System of retirement and disability benefits set up by FDR in 1935
SOCIAL SECURITY